The parent company of Enterprise Bank, which has branches in three Central Massachusetts communities, saw net income grow 15 percent for its most recent quarter, and 10 percent for the first nine months of 2013.
Banks and credit unions go where their customers are. A hundred years ago, that meant downtown centers. Then came suburban branches and drive-through lanes, ATMs in shopping malls and airports, and, later, personal computers right in their homes. Now, in the age of mobile, financial institutions are increasingly focused on making themselves accessible from smartphones and tablets.
Fortunately, for businesses that are ready to finance new investments, there's plenty of competition among banks and credit unions that want to be the ones to make the loans. The variety of institutions — from credit unions with one branch to enormous international banks — could make for complicated choices for companies seeking financing.
Making a major step in its expansion plans, Pittsfield-based Berkshire Bank announced that it will purchase 20 retail branches from Bank of America with $640 million in deposits and $5 million in loans.